It looks like Billy is back in the club.

On Wednesday, the Academy of Motion Picture Arts and Sciences is expected to reveal that Billy Crystal will return to hosting duties for next year's 76th annual Academy Awards show, announces the Hollywood Reporter.

If the insiders are correct, next year's Oscars -- due to be held Feb. 29 at Hollywood's Kodak Theater -- will mark the comedian's eighth time at the podium.

Crystal has been a longtime favorite when it comes to Oscar hosts, thanks to his opening routines that featured him spoofing the year's big nominees (dropping himself into scenes from them) and performing song parodies.

The Reporter bases its speculation that it will be Crystal hosting on the fact that the comedian is tight with Joe Roth, who's producing the telecast. Roth, the founder of Revolution Studios, last collaborated with Crystal on the 2001 comedy "America's Sweethearts," directed by Roth.

This year's Oscar host was Steve Martin, who got high marks from critics but low ratings for the show. The 2002 host was Whoopi Goldberg, who received mixed reviews.